A few days from now, the most awaited Amazon Prime Day 2022 is kicking off. Many shoppers will participate in this nationwide event, which will last two days.
It's very tempting for some people to purchase a product they have only spotted for the first time. Considering the economy is slowly crumbling, would you still push to join this discount blitz or go with your gut feeling to save for a while?
The Amazon Prime Day Dilemma
The concept of YOLO applies to the customers who would always want to squander money on a product they don't even need. Still, others prefer to spend their bucks on things that are worth grabbing wisely.
The upcoming Amazon sale bonanza might be a tough test for people who get easily tempted with shopping. However, truth be told that Amazon Prime Day 2022 might "fizzle" slowly.
As CNET reported, an Adobe survey says a quarter of 1,115 respondents reportedly skipped this year's Prime Day sales event. Since the US is currently experiencing high inflation at the moment, it's understandable why some customers won't push through a two-day shopping spree.
Over one-fifth of the individuals who participated in the survey said they would abstain from buying anything during Amazon Prime Day because of economic and financial problems. Meanwhile, the remaining fifth noted that they wouldn't participate because of their priorities which count as their "necessities."
Almost everywhere, inflation is abysmally hitting a country, thus contributing to the surging prices of common goods. When this happens, the unemployment rate rises, as well. This could later lead to the inability of people to buy even the most basic things.
The economic outburst is also affecting retailers like Amazon. With the looming inflation, they need to increase their production costs to match the adjustments in logistics and manpower.
Slower Sales Growth in Amazon Stores
Financial research company Insider Intelligence says that for this year, Amazon is forecast only to yield about 17% sales. That's only about $7.76 billion.
Compared to the 2019 sales record, which sits at 65%, the 2020 sales growth is projected to slow down during Prime Day.
To Spend or Not Spend on Prime Day
There are plenty of ways to earn money, but there are more ways to spend it. You can find a plethora of discounted items on Amazon, but before that, you should think about if you really need them.
If you're on track to saving because of economic concerns, this could be your saving grace to survive the harsh financial struggle.
You should take note that the price of your bought goods will not be the same anymore in the succeeding months or years because of inflation. Its value might increase or decrease depending on the trend.
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Amazon Shopping Addiction
Just like games that can easily hook a person up, shopping addiction also happens in real life. It's like a drug that you can't easily spit, and it only gets better when you have more money.
A few years ago, some people shared their experiences on Quora regarding Amazon Prime shopping addiction. One person wrote that a low-priced item paired with free shipping and convenience is a sure win for all.
Another commented that he's addicted to Amazon Prime because it saves him a lot of time. Still, a woman said that Amazon offers the most affordable gadgets, and it's easy to look up if you have something to add to your cart.
As per Tech Times, shopping addiction could likely give a hint that a person, especially a woman, has low self-esteem and depression.
A study from the University of Bergen in 2015 found that addiction to endless shopping could be related to anxiety. Some people might find it therapeutic, but it only serves as their escape mechanism from negative thoughts.
This article is owned by Tech Times
Written by Joseph Henry
